BIBA and ABI await approval for insurer/broker terms of business
The British Insurance Brokers' Association and the Association of British Insurers are ratifying new...
The British Insurance Brokers' Association and the Association of British Insurers are ratifying new terms of business agreements, which are due to be published shortly.
The terms are said to be fair to both insurers and brokers and provide that all agreements should reflect the professional status of the broker, in accordance with the Financial Services Authority.
They also provide that where commission is payable to the broker this should be clearly stated; an obligation on the broker to pass
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